01.06.202020:18:00UTC+00Crude Oil Closes Slightly Lower Following Lackluster Session

Crude oil prices turned in a relatively lackluster performance during trading on Monday before ending the session modestly lower.

After spiking $1.78 to $35.49 a barrel last Friday, crude for July delivery edged down $0.05 to $35.44 a barrel on the day.

The choppy trading on the day came as traders looked ahead to an upcoming meeting of the OPEC+ group as early as Thursday to discuss their output policy.

Reuters reported that OPEC and Russia were moving closer to an agreement on extending current output cuts and were now discussing a proposal to rollover supply curbs for one to two months.

Meanwhile, Beijing has warned Washington of retaliation after U.S. President Donald Trump announced that the United States would ban some Chinese graduate students and start reversing Hong Kong's special status in customs and other areas.